I went in to my local branch this morning to close an unused savings account. The cashier advised me to keep it in case they became a bank when I would get a windfall. Do you think this was hype (there was only £30 in the account) to get me to keep it going or did she really know something?
2007-03-19 00:03:32 · 9 answers · asked by ? 7 in Business & Finance ➔ Personal Finance
Account held since 1996 so I would be eligable for windfall
2007-03-19 00:18:04 · update #1
You don't say how long you have held the account?
For the last few years the Nationwide have made all those opening new accounts, sign away their rights to a 'wind-fall' if the company converts to a bank to make it harder for the membership to vote for this change.
A change that it should be said (from past experience) would probably NOT be in the best interest of those using the society.
This said, if you hold a qualifying account and never signed away your rights to a wind-fall, if ever the Nationwide was to convert to a bank YOU would be one of the very few members whom would be entitled to a wind-fall.
I think this is what the cashier was eluding to, in short even if the chance is one in a million, for the sake of keeping the account open; why would you want to close it?
If you haven't signed away your rights and if you have been a long tern customer, keep the account....what have you got to loose? If you have only had your account for a couple of years or so and signed away your rights when you opened it, close it...the choice is yours, but either way, I'd keep it.
2007-03-19 00:11:14 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Banks are privately owned or limited companies Building societies are mutual societies. A mutual society is where a group of people band together for some purpose for the mutual benefit of all members. The most well known mutual societies that are not building societies are the cooperative retail shops. The big difference is that Building societies were set up to help their members/customers buy houses. Whereas banks were/are set up to make money for their shareholders. At the beginning of the last century you had to have a great deal of money to be a customer of a bank
2016-03-29 06:02:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The slogan of Nationwide they like portraying to the public is "we are different", which basically means unlike such former Building societies as Halifax and Abbey National they will "NEVER" change to being a bank.
That does not however mean they are any less inefficiently managed than the big High Street banks are, nor that their employees are not often wrong in comments they may make to account holders.
2007-03-19 00:52:46 · answer #3 · answered by Wamibo 5 · 1⤊ 0⤋
Nationwide is taking over the Portman building society, and the Portman members will receive a 'windfall' - but not Nationwide. This will not effect Nationwides Mutual status - which I am hunching will be in place for the forseeable future.
2007-03-19 04:56:44 · answer #4 · answered by diplomat2003 1 · 0⤊ 0⤋
Well it was voted out previously so I don't see why things should be different this time and frankly with only £30 invested, it's probably not worth worrying about the possible windfall.
2007-03-19 02:11:21 · answer #5 · answered by gerrifriend 6 · 0⤊ 0⤋
Nationwide have been saying for the last few years that they will not become a bank. As far as I am aware, this has not changed.
2007-03-19 00:16:16 · answer #6 · answered by Penfold 6 · 2⤊ 0⤋
No, first I've heard of it. I recall the Nationwide sending me a disclaimer to sign that if they ever did become a Bank there would be no dividends in it for any Member as these would be paid to Charities. Sounds like she talking thru her ******
2007-03-19 00:11:44 · answer #7 · answered by Sugarlump 3 · 0⤊ 1⤋
It's got to be worth hanging on to the account, just in case. It's happened so many times now. Think £1000.
!!!!!
2007-03-19 00:18:13 · answer #8 · answered by 👑 Hypocrite 7 · 1⤊ 0⤋
no chance
2007-03-19 00:06:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋